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Sheffield Wednesday have officially been rescued with an American consortium completing a takeover of the Championship crisis club. Arise Capital Partners, comprised of David Storch, son Michael Storch and Tom Costin, have acquired the Hillsborough outfit.

The Owls were placed into administration back in October last year after hapless former owner Dejphon Chansiri had little choice but to relinquish control following a series of protests from supporters. Thai tuna magnate Chansiri left Wednesday in turmoil after multiple missed wage payments to players and staff.

The club were left with a squad of misfits and youngsters who have won just once all season. Wednesday, who suffered English football's earliest ever relegation in February, also faced beginning on minus 15 points in League One next season.

But in further positive news for fans, the points deduction has been lifted. Wednesday explained: As part of this process, the EFL Board exercised its discretion, as provided by the Insolvency Policy, and concluded that it would not be appropriate to impose a 15-point deduction on the Club following its exit from Administration. As such, the Club will begin the upcoming season on 0 points."

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A consortium led by former professional poker player James Bord was initially granted preferred bidder status in December, but the takeover collapsed in February. That prompted Storch and Arise to return to negotiations, having initially been outbid, and they have now assumed control at Hillsborough ahead of today's season finale against West Brom.

Despite beleaguered Wednesday's turbulent struggles, a capacity crowd was present to welcome their new owners. It is the highest attendance of any Championship fixture this season.

Wednesday sit on -3 points and require a victory over the Baggies to reach zero. They were handed a total of 18 points' worth of deductions for a combination of missed payments and entering administration.

Their solitary win of the campaign came back in September against Portsmouth at Fratton Park. Wednesday supporters are yet to see their side claim three points at Hillsborough, with just one opportunity now left.

The Owls have been absent from the top flight since being relegated from the Premier League in 2000. Their forthcoming drop to League One will mark the fourth occasion they have fallen to the third tier in that time.

Yet they can now look ahead to a fresh chapter under the stewardship of Storch, who has pledged to invest in the playing squad, stadium and training ground.

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